Providus Bank Limited has entered Nigeria’s top tier of lenders, becoming the ninth-largest bank by assets following its business combination with Unity Bank.

The merger gained momentum on Friday after a court-mandated Extraordinary General Meeting, where shareholders and boards of both Providus Bank and Unity Bank overwhelmingly approved the business combination.

According to financial statements from both banks, as of June 30, 2025, the combined entity’s total assets stood at N5.325 trillion, ranking it ninth in the Nigerian banking sector.

Total deposits reached N3.219 trillion, placing the bank 11th in the industry. Providus now operates 229 branches, ranking 10th, and serves 3.6 million customers as of the same date.

The approval by shareholders and boards marks a significant milestone for Nigeria’s banking industry, demonstrating resilience, strategic foresight, and collective responsibility.

In a joint statement, Providus Bank and Unity Bank expressed gratitude to the Central Bank of Nigeria for its guidance and commitment to strengthening the financial system. The banks noted that by facilitating the transaction, the CBN “has reinforced its vision of a sector anchored on resilience and customer confidence.”

“This regulatory support is not only shaping healthier banks, but also inspiring the confidence of businesses, investors, and everyday Nigerians that our financial system is ready to serve as a cornerstone for sustainable growth,” it noted.

The statement highlighted that the vote also served as a clear signal to markets, regulators, and the public that Nigeria’s banking sector remains strong and progressive.

“In affirming this merger, shareholders have helped to reinforce the confidence that underpins economic stability. It is a statement that Nigerian banks are prepared to adapt, consolidate, and grow in line with the Central Bank of Nigeria’s vision of a stronger and more resilient financial system—and ultimately, its aspiration to support Nigeria’s transition into a trillion-dollar economy.

“With a starting solid Capital Adequacy Ratio, the emerging entity will have the scale to compete, the reach to serve every part of the federation, and the capacity to support businesses, households, and government at every level.

“The enlarged bank will immediately rank high among the banks with the most extensive branch networks in Nigeria, with approximately 230 branches nationwide.

“Unity Bank has served its customers faithfully with a proud legacy, while Providus Bank has earned a reputation for innovation, world-class digital banking platforms, and customer-centric service excellence. The enlarged bank will provide the backbone for businesses to thrive and communities to prosper,” it added.

Both institutions stated that, once completed, the merger will safeguard jobs, protect livelihoods, and generate new opportunities within a larger, stronger, and forward-looking organization.

They emphasized that the merger’s success depends not only on systems and financials but on people, whose contributions will be both protected and recognized.